Senate Summons Central Bank Governor Over Naira Free Fall

The Senate has summoned the Central Bank of Nigeria Governor, Olayemi Cardoso, to appear before the Committee on Banking, Insurance and other Financial Institutions on Tuesday next week to discuss the state of the economy and the free fall of the naira in the forex market.

The committee, chaired by Senator Adetokunbo Abiru, met after the naira plummeted to N1,520 to a US dollar. The naira fell at an all-time low of N1,482 to $1.

The Central Bank of Nigeria released a circular warning authorised dealers against engaging in sharp practices. The lawmakers held an emergency session to salvage the inflation rate and addressed critical issues. The next step is to summon the Central Bank Governor on Tuesday to brief them on the state of the economy.